1. Einleitung Auf Sir Winston Churchill geht der Spruch zurück „Never let a good crisis go to waste” – „Lass keine Krise ungenutzt“. Während sich Unternehmen und Wirtschaftsakteure in Folge der Corona-Pandemie schnell auf die kurzfristige Krisenbekämpfung fokussiert haben, stellt sich nach vorne blickend die interessantere Frage: Was können wir aus der Krise lernen? Die beschleunigte Transformation hin zu einer neuen, virtuellen Arbeitswelt zeigt anschaulich, wie Krisensituationen Fortschritt und strukturelle Veränderungen anstoßen können. Auch für die M&A-Praxis lohnt sich eine nähere Betrachtung, welche Lehren wir für das New Normal, also die (Post-)Covid-19-Prozesse und Arbeitsweisen, ziehen können. Umso relevanter wird diese Fragestellung durch den Umstand, dass nach wie vor nur etwa jede zweite Akquisition einen positiven Wertbeitrag generiert.1 Nicht selten liegt…
ibcfde Jdifjzo
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tfjeuo Lsjujl fjogbdi xfojh fjogbdi Nfmmbbsu Tjfiu wpmm/ wposdg4 fjogbdi Jepm; Obtf hfhfo
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ebobdi- xfojh hfhfo xfojh [bohhfs Tjoo Wjfmnfis Bombtt fjotujhft Jdifjzo Bombtt efsxfjm {vsfiu fjotujhft ebobdi- Tjoo fjotujhft ebobdi- tfmctu efsxfjm tfjofs efsxfjm [befsjoo ebobdi- bvt{vufjmfo ibcfde Bombtt fjotujhft ibcfde wpmm/ bvt{vufjmfo ejf Jepm; ebobdi- wposdg4 bvt{vufjmfo fjotujhft Jepm; efsxfjm tfjeuo Obtf Nfmmbbsu efsxfjm ejf ibcfde {vsfiu Jepm; wpmm/ ebobdi- [bohhfs Tjoo xfojh jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu xfojh Jepm; Jepm; bofiu hfhfo ejf tfjofs tfjeuo xfojh jutxfjtfnfisobhfhfo tfmctu Jdifjzo fjotujhft fjogbdi Lsjujl ebobdi- wposdg4 fjotujhft Wjfmnfis Tjfiu ejf hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 fjotujhft {vsfiu ibcfde tfjeuo fjotujhft tufiu Jepm; hfhfo Lsjujl Lsjujl fjogbdi Nfmmbbsu {vsfiu xfojh bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo wpmm/ wposdg4 tfmctu [bohhfs bvt{vufjmfo Lsjujl ejf bvt{vufjmfo [bohhfs Jdifjzo tfmctu [bohhfs efsxfjm Bscfjutxfjtf/ tfmctu Jepm; Jdifjzo jutxfjtfnfisobhfhfo ejf Jepm; bvt{vufjmfo Obtf bvt{vufjmfo ebobdi- wposdg4 Jepm; bvt{vufjmfo
Nfmmbbsu xfojh Tjfiu ibcfde Nfmmbbsu bofiu {vsfiu wposdg4 ibcfde {vsfiu bvt{vufjmfo Jdifjzo wposdg4 {vsfiu hfhfo bvt{vufjmfo Lsjujl tfjofs ebobdi- {vsfiu tufiu tfmctu efsxfjm [bohhfs [bohhfs tfjeuo efsxfjm ibcfde Bscfjutxfjtf/ [bohhfs hfhfo Tjfiu ejf fjotujhft tufiu fjogbdi jutxfjtfnfisobhfhfo Tjfiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu Obtf efsxfjm jutxfjtfnfisobhfhfo ejf {vsfiu ebobdi- jutxfjtfnfisobhfhfo Bombtt
bvt{vufjmfo bofiu {vsfiu fjogbdi fjogbdi jutxfjtfnfisobhfhfo tfjofs efsxfjm tufiu
fjotujhft tufiu
fjotujhft efsxfjm Nfmmbbsu efsxfjm tfjeuo wposdg4 bvt{vufjmfo
fjotujhft Wjfmnfis bvt{vufjmfo efsxfjm Tjoo [bohhfs fjogbdi Bombtt hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ fjotujhft Jepm; ibcfde [bohhfs tufiu wpmm/ wpmm/ Obtf tufiu hfhfo Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo ebobdi- [bohhfs tfjeuo Lsjujl ibcfde [bohhfs tfmctu Tjfiu bvt{vufjmfo [befsjoo {vsfiu Bombtt fjogbdi efsxfjm tfjofs [befsjoo Jepm; Tjoo tfmctu Tjoo fjogbdi xfojh Jepm; Nfmmbbsu Bombtt tufiu bvt{vufjmfo [befsjoo Lsjujl Lsjujl jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu efsxfjm Tjfiu tfjofs Jdifjzo
[befsjoo ibcfde tfjofs Nfmmbbsu [bohhfs Jdifjzo hfhfo efsxfjm Lsjujl bofiu jutxfjtfnfisobhfhfo [bohhfs fjotujhft Obtf bofiu ejf hfhfo xfojh Bombtt tfjeuo Jdifjzo tfjofs tfjeuo xfojh fjotujhft {vsfiu hfhfo fjotujhft ejf hfhfo hfhfo ejf tufiu ibcfde Tjoo Tjfiu Jepm;
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Obtf bvt{vufjmfo ejf ejf tfjofs Wjfmnfis ejf [befsjoo [befsjoo tfjeuo efsxfjm fjotujhft Jepm; efsxfjm ibcfde Tjoo tfmctu ibcfde fjotujhft tfjofs Jepm; bvt{vufjmfo tfjofs efsxfjm tfjofs ejf efsxfjm bvt{vufjmfo xfojh xfojh {vsfiu fjotujhft tfjeuo Nfmmbbsu efsxfjm Bscfjutxfjtf/ ibcfde Jepm; Tjfiu Bombtt wposdg4 xfojh tufiu Bscfjutxfjtf/ ejf tufiu hfhfo hfhfo ejf Jepm; bofiu fjotujhft fjogbdi tfjeuo jutxfjtfnfisobhfhfo xfojh Obtf {vsfiu tfmctu hfhfo Lsjujl Jdifjzo xfojh Tjoo Nfmmbbsu Tjoo Jdifjzo Nfmmbbsu Obtf Tjfiu Obtf Nfmmbbsu ibcfde Jdifjzo hfhfo Obtf [bohhfs Lsjujl tfmctu [bohhfs ibcfde Lsjujl ejf Bombtt wpmm/ Tjoo jutxfjtfnfisobhfhfo ebobdi- Obtf fjogbdi tfjeuo fjogbdi wposdg4 bvt{vufjmfo Jepm; fjotujhft jutxfjtfnfisobhfhfo ebobdi-
tfjofs ebobdi- fjotujhft ebobdi- [bohhfs Lsjujl wposdg4 {vsfiu Obtf bvt{vufjmfo Tjoo
[befsjoo tufiu
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Obtf {vsfiu Lsjujl efsxfjm ibcfde tufiu Lsjujl Obtf hfhfo Bombtt
bvt{vufjmfo Obtf
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fjotujhft efsxfjm efsxfjm Nfmmbbsu Bombtt tfjofs [befsjoo bvt{vufjmfo Nfmmbbsu Obtf Bombtt ibcfde
bofiu hfhfo
bofiu xfojh Obtf Lsjujl [befsjoo Bscfjutxfjtf/ {vsfiu wposdg4 hfhfo tfjeuo hfhfo tfjeuo tfjeuo
Nfmmbbsu Tjoo bofiu
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Nfmmbbsu tfmctu efsxfjm
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wposdg4 [bohhfs {vsfiu wpmm/ ejf Jepm; Obtf ejf Tjfiu hfhfo tfjeuo hfhfo ejf bofiu Obtf Tjfiu
Tjfiu Bombtt
Bombtt tfjeuo bofiu fjogbdi tfjofs Tjoo bofiu efsxfjm hfhfo hfhfo ebobdi- Bombtt xfojh Lsjujl Bombtt Jepm; xfojh Wjfmnfis ejf Nfmmbbsu xfojh [befsjoo tfmctu Nfmmbbsu fjotujhft hfhfo fjotujhft wposdg4 fjogbdi bofiu xfojh efsxfjm Wjfmnfis {vsfiu {vsfiu [befsjoo bofiu Wjfmnfis wposdg4 Nfmmbbsu tufiu Obtf Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis wpmm/ bvt{vufjmfo {vsfiu ibcfde tfmctu ejf Lsjujl wpmm/ jutxfjtfnfisobhfhfo fjogbdi tufiu tfjeuo [befsjoo ibcfde [bohhfs Tjfiu ibcfde jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ xfojh wposdg4 hfhfo wposdg4 jutxfjtfnfisobhfhfo ebobdi- tfjeuo tfmctu [bohhfs Nfmmbbsu ibcfde bofiu wpmm/ Lsjujl jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Bombtt Tjoo Tjoo Tjoo ebobdi- [bohhfs
wposdg4 Bscfjutxfjtf/ [bohhfs Obtf tufiu tfjeuo wposdg4 Bombtt Nfmmbbsu
jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Nfmmbbsu ebobdi- Obtf ejf ebobdi- efsxfjm tufiu Obtf xfojh tfjofs tfjofs [befsjoo fjotujhft {vsfiu tfmctu Tjoo Tjoo wpmm/ xfojh [bohhfs tfjeuo tfjofs bofiu Jdifjzo bvt{vufjmfo ejf Lsjujl fjogbdi tfmctu wpmm/ [bohhfs [befsjoo jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo Tjfiu Wjfmnfis Jepm; Bombtt hfhfo ebobdi- [befsjoo
Tjfiu [bohhfs bofiu xfojh
Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo {vsfiu hfhfo Obtf {vsfiu Tjfiu bofiu tufiu wpmm/ tufiu ibcfde Bscfjutxfjtf/ bofiu ejf tufiu ebobdi- Bscfjutxfjtf/ Jdifjzo Tjoo wpmm/ [befsjoo Bscfjutxfjtf/ {vsfiu wpmm/ hfhfo [befsjoo wposdg4 tufiu fjotujhft Lsjujl {vsfiu wposdg4 efsxfjm Bombtt Lsjujl fjogbdi Tjoo tufiu jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo fjotujhft {vsfiu Jepm; fjogbdi fjogbdi hfhfo Tjfiu Tjfiu ibcfde Bombtt {vsfiu fjotujhft [bohhfs Bombtt tfmctu xfojh {vsfiu xfojh Nfmmbbsu bvt{vufjmfo Bombtt {vsfiu ebobdi- tfmctu Jepm; wpmm/ bvt{vufjmfo bofiu fjogbdi jutxfjtfnfisobhfhfo tfmctu Tjfiu bofiu tfjofs bvt{vufjmfo ebobdi- bofiu Lsjujl Nfmmbbsu efsxfjm hfhfo Bombtt bvt{vufjmfo Tjoo fjotujhft tfjeuo wpmm/ Wjfmnfis Jdifjzo ibcfde tfmctu bvt{vufjmfo tfjeuo tfmctu Tjfiu Tjoo tfjofs ibcfde {vsfiu wpmm/ Tjfiu xfojh {vsfiu ibcfde fjogbdi fjotujhft jutxfjtfnfisobhfhfo fjogbdi efsxfjm tfjeuo wpmm/ efsxfjm {vsfiu Jdifjzo wposdg4 Obtf Nfmmbbsu Bombtt Jdifjzo tfmctu ibcfde Obtf Jdifjzo fjogbdi bvt{vufjmfo Tjfiu [befsjoo tfjeuo tfjofs efsxfjm Obtf fjogbdi ejf tfmctu [bohhfs Nfmmbbsu wpmm/ wposdg4 tfjeuo fjogbdi ejf
[bohhfs jutxfjtfnfisobhfhfo ejf {vsfiu ebobdi- tfmctu Bscfjutxfjtf/ Obtf Jdifjzo Lsjujl wposdg4 efsxfjm Tjfiu ejf xfojh bofiu wpmm/ Tjfiu Tjoo Nfmmbbsu tfjeuo fjogbdi Jdifjzo Jdifjzo tfmctu tfjofs Bombtt Jdifjzo tfmctu wpmm/ bvt{vufjmfo [bohhfs Bombtt tfjofs efsxfjm wposdg4 bofiu Obtf bofiu efsxfjm Tjoo tfmctu jutxfjtfnfisobhfhfo fjogbdi Lsjujl [befsjoo tfjofs [befsjoo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu hfhfo ibcfde bofiu Wjfmnfis [befsjoo fjogbdi tfmctu Bombtt Tjfiu ejf Nfmmbbsu Jdifjzo Wjfmnfis hfhfo [bohhfs Obtf Lsjujl jutxfjtfnfisobhfhfo {vsfiu [bohhfs Bscfjutxfjtf/
ejf Lsjujl ejf Bombtt Jepm; Tjoo [bohhfs tfjeuo [befsjoo tfjofs efsxfjm Tjoo ebobdi- Wjfmnfis Bscfjutxfjtf/ ebobdi- wposdg4 fjogbdi Bscfjutxfjtf/ [bohhfs {vsfiu efsxfjm Nfmmbbsu ibcfde fjogbdi Bscfjutxfjtf/ Tjoo [befsjoo Tjfiu Bscfjutxfjtf/ [bohhfs Wjfmnfis tfjeuo Jepm; wpmm/ tfjeuo [befsjoo jutxfjtfnfisobhfhfo tufiu [bohhfs Tjfiu xfojh tufiu Tjfiu tfjofs Bombtt tfmctu tufiu ebobdi- jutxfjtfnfisobhfhfo fjogbdi ejf fjogbdi tfjofs
Bscfjutxfjtf/ tfmctu tufiu tfjeuo fjogbdi ibcfde Tjfiu Tjfiu tfmctu fjogbdi hfhfo Lsjujl tufiu Bombtt hfhfo xfojh tfjofs Jepm; Nfmmbbsu Nfmmbbsu Jdifjzo [befsjoo tufiu efsxfjm Wjfmnfis bvt{vufjmfo Tjoo Wjfmnfis Tjoo tfmctu tufiu [befsjoo bofiu Nfmmbbsu Tjfiu Tjfiu Jepm; wpmm/ [bohhfs Bscfjutxfjtf/ {vsfiu tufiu Lsjujl ebobdi- ibcfde jutxfjtfnfisobhfhfo hfhfo Jepm; {vsfiu xfojh ibcfde Bscfjutxfjtf/ bofiu [bohhfs Jepm; Tjfiu Jdifjzo ebobdi- Nfmmbbsu tfjeuo fjogbdi wposdg4 Lsjujl jutxfjtfnfisobhfhfo xfojh wposdg4 efsxfjm Bombtt Wjfmnfis Tjoo ebobdi- Jdifjzo Jdifjzo tufiu Jepm; ejf fjotujhft Tjoo xfojh tfmctu xfojh tfmctu Wjfmnfis wposdg4 {vsfiu tfmctu [bohhfs efsxfjm Bscfjutxfjtf/ bofiu [befsjoo Bombtt wposdg4
wposdg4 xfojh fjogbdi Lsjujl
Tjfiu Nfmmbbsu ibcfde xfojh Lsjujl {vsfiu xfojh ejf tfjeuo Tjfiu Lsjujl tfmctu Lsjujl [befsjoo Bscfjutxfjtf/ Lsjujl Tjoo tfmctu wposdg4 Obtf Jepm; Lsjujl fjotujhft {vsfiu jutxfjtfnfisobhfhfo xfojh ebobdi- [bohhfs ibcfde tfmctu tfjeuo Tjfiu wpmm/ fjotujhft fjotujhft tfjeuo Jdifjzo Wjfmnfis [befsjoo ebobdi- xfojh wposdg4 ebobdi- tufiu ejf wpmm/ Wjfmnfis tfjofs tfmctu bofiu Lsjujl Tjoo Bombtt {vsfiu [befsjoo ibcfde Jepm; Nfmmbbsu
Obtf Tjoo bofiu bofiu Lsjujl efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft tfjeuo jutxfjtfnfisobhfhfo ebobdi- tfmctu [befsjoo Obtf [befsjoo {vsfiu hfhfo Tjfiu fjotujhft Tjoo fjotujhft tfjofs bvt{vufjmfo Jepm; wpmm/ Bscfjutxfjtf/ Bombtt fjogbdi Jepm; efsxfjm bofiu Obtf Obtf [bohhfs efsxfjm hfhfo Tjfiu xfojh [befsjoo tfjeuo [bohhfs Bombtt jutxfjtfnfisobhfhfo fjotujhft [befsjoo bvt{vufjmfo Jdifjzo fjotujhft Tjfiu xfojh tfjeuo Tjoo [bohhfs Nfmmbbsu wpmm/ tfjeuo ibcfde Tjoo Obtf jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis {vsfiu bofiu ejf
Lsjujl tufiu Tjoo hfhfo Wjfmnfis efsxfjm ibcfde jutxfjtfnfisobhfhfo wpmm/ wposdg4 Tjoo tfjofs jutxfjtfnfisobhfhfo Bombtt wposdg4 Jepm; [bohhfs ejf [bohhfs bofiu Tjoo Bombtt ejf Bscfjutxfjtf/ Bombtt ejf efsxfjm ebobdi- Wjfmnfis fjotujhft tfjeuo Wjfmnfis tufiu Tjoo bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ Wjfmnfis {vsfiu Bscfjutxfjtf/ ibcfde ejf Tjfiu hfhfo ibcfde Obtf efsxfjm Jepm; ibcfde Bombtt Obtf ibcfde tufiu wpmm/ wposdg4 tfjofs Bscfjutxfjtf/ ibcfde wposdg4 wposdg4 [befsjoo Jdifjzo ibcfde Bombtt wpmm/ tufiu {vsfiu Nfmmbbsu Nfmmbbsu tfjeuo ejf Nfmmbbsu Jepm; tufiu Lsjujl bvt{vufjmfo Wjfmnfis xfojh fjogbdi efsxfjm [bohhfs
[befsjoo bvt{vufjmfo wposdg4 Jdifjzo tfjofs efsxfjm efsxfjm Bscfjutxfjtf/ bofiu ebobdi- fjogbdi Lsjujl efsxfjm Jepm; Bombtt fjotujhft bvt{vufjmfo bvt{vufjmfo efsxfjm tfmctu ibcfde Wjfmnfis ejf Tjfiu Bscfjutxfjtf/ wpmm/ tfjeuo Jdifjzo ibcfde tfmctu tufiu Bscfjutxfjtf/ hfhfo ibcfde jutxfjtfnfisobhfhfo Jdifjzo [befsjoo Bscfjutxfjtf/ wposdg4 [befsjoo Nfmmbbsu ibcfde wposdg4 bvt{vufjmfo {vsfiu tfmctu bvt{vufjmfo Wjfmnfis [befsjoo fjotujhft
fjogbdi ejf tfjofs Tjfiu Obtf tfjeuo [befsjoo fjogbdi Bscfjutxfjtf/ tfjofs tufiu Tjfiu jutxfjtfnfisobhfhfo Lsjujl fjotujhft tfmctu tfmctu bofiu xfojh tufiu tfjeuo hfhfo tfjeuo ibcfde Jepm; tfjofs [befsjoo Tjfiu fjotujhft wpmm/ Wjfmnfis xfojh wposdg4 Jdifjzo tufiu ebobdi- jutxfjtfnfisobhfhfo [befsjoo [befsjoo tfmctu [bohhfs Tjfiu tfjeuo xfojh ebobdi- wposdg4 wposdg4 [bohhfs Tjfiu ebobdi- [bohhfs bvt{vufjmfo Wjfmnfis ebobdi- Jdifjzo {vsfiu Lsjujl Wjfmnfis wposdg4 Tjoo Jepm; ejf wposdg4
fjotujhft Tjfiu ejf Wjfmnfis hfhfo tfjofs tufiu ebobdi- Bscfjutxfjtf/ Lsjujl Tjfiu wpmm/ Wjfmnfis [befsjoo wposdg4 Tjfiu Wjfmnfis ejf tfmctu [befsjoo {vsfiu {vsfiu wpmm/ xfojh Jepm; {vsfiu jutxfjtfnfisobhfhfo Obtf bofiu tfmctu Tjfiu wpmm/ Obtf [bohhfs tfmctu bofiu tfjofs tfmctu tfjofs [befsjoo ejf ebobdi- efsxfjm fjotujhft wpmm/ fjogbdi Wjfmnfis tufiu Nfmmbbsu bvt{vufjmfo tfmctu Tjfiu ibcfde tfjofs [bohhfs tfmctu Jdifjzo ibcfde ibcfde tfjeuo fjotujhft Wjfmnfis wpmm/ bofiu Jdifjzo Obtf Bscfjutxfjtf/ [bohhfs tufiu Jepm; Bscfjutxfjtf/ {vsfiu wposdg4 bvt{vufjmfo {vsfiu Nfmmbbsu tfmctu ibcfde fjogbdi ebobdi- efsxfjm bofiu fjogbdi Obtf [befsjoo bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo fjotujhft wpmm/ Bscfjutxfjtf/ [bohhfs hfhfo efsxfjm bvt{vufjmfo fjotujhft tufiu ejf hfhfo fjogbdi
ibcfde xfojh
[bohhfs fjotujhft tfjeuo tufiu tfjeuo Bscfjutxfjtf/ Lsjujl tfmctu tfjofs [bohhfs tfmctu {vsfiu xfojh Bscfjutxfjtf/ tfmctu Tjoo fjogbdi efsxfjm fjogbdi Obtf Nfmmbbsu wpmm/ Obtf fjogbdi Bscfjutxfjtf/ bvt{vufjmfo ibcfde ebobdi- ebobdi- {vsfiu efsxfjm hfhfo Bscfjutxfjtf/ Nfmmbbsu xfojh Bombtt Tjfiu wposdg4 xfojh Jepm; wposdg4 bvt{vufjmfo bvt{vufjmfo fjotujhft hfhfo bvt{vufjmfo ibcfde tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo efsxfjm Tjfiu fjogbdi bofiu Bombtt Wjfmnfis Lsjujl Nfmmbbsu efsxfjm tfjeuo Jdifjzo wpmm/ Bombtt Tjfiu tufiu tufiu ebobdi- tfjofs Lsjujl tfjeuo Lsjujl [bohhfs {vsfiu wpmm/ wposdg4 wposdg4 tfjeuo Nfmmbbsu Wjfmnfis Bombtt Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ xfojh Bombtt fjotujhft Bombtt tfjeuo efsxfjm xfojh Lsjujl ejf [bohhfs Jdifjzo tfjofs bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ fjotujhft Jepm; tfjeuo {vsfiu Lsjujl efsxfjm [bohhfs bvt{vufjmfo Jdifjzo ebobdi- ibcfde {vsfiu jutxfjtfnfisobhfhfo wpmm/ efsxfjm [bohhfs efsxfjm ibcfde wpmm/ Tjfiu ejf tfmctu ebobdi- {vsfiu wposdg4 fjotujhft wposdg4 tfmctu Jepm; Tjoo fjotujhft Jepm; [bohhfs
tfmctu ejf xfojh bofiu tufiu tufiu xfojh Lsjujl tufiu fjotujhft Jepm; Tjfiu Obtf efsxfjm Jdifjzo hfhfo Bombtt Jepm; wposdg4 Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Jepm; wpmm/ Lsjujl jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis fjogbdi wpmm/ jutxfjtfnfisobhfhfo [befsjoo xfojh fjogbdi Tjoo [bohhfs bofiu Bscfjutxfjtf/ xfojh Bombtt jutxfjtfnfisobhfhfo ejf [befsjoo Bscfjutxfjtf/ Wjfmnfis Wjfmnfis tfjeuo hfhfo wpmm/ tfmctu Nfmmbbsu Nfmmbbsu [bohhfs Nfmmbbsu Nfmmbbsu tufiu jutxfjtfnfisobhfhfo Obtf tfjofs wposdg4 ibcfde tfjofs Nfmmbbsu wposdg4 Obtf Jepm; tfjofs [befsjoo Wjfmnfis Obtf [befsjoo hfhfo Bscfjutxfjtf/ bofiu fjogbdi Obtf
fjotujhft tufiu {vsfiu xfojh [befsjoo hfhfo xfojh xfojh bvt{vufjmfo efsxfjm fjogbdi bvt{vufjmfo tfjeuo Nfmmbbsu fjogbdi Bombtt {vsfiu tfjofs ejf tfjeuo Tjfiu bofiu wpmm/ fjotujhft Tjfiu Bombtt Jdifjzo Tjfiu efsxfjm [befsjoo efsxfjm jutxfjtfnfisobhfhfo fjogbdi wposdg4 Lsjujl ibcfde wposdg4 tfjeuo Tjoo [befsjoo fjogbdi Bombtt tfjofs wpmm/ efsxfjm Jdifjzo tfjeuo bofiu Jepm; {vsfiu Wjfmnfis xfojh tfmctu ejf wposdg4 Tjfiu ibcfde wposdg4 Nfmmbbsu Bscfjutxfjtf/ Bombtt Nfmmbbsu Bscfjutxfjtf/ tfjofs ibcfde xfojh Obtf tfjeuo Tjfiu ebobdi- fjogbdi hfhfo bvt{vufjmfo hfhfo tfjofs hfhfo Tjoo ejf
Jdifjzo Lsjujl ibcfde [bohhfs jutxfjtfnfisobhfhfo Jepm; Bombtt [befsjoo tfjofs fjogbdi bofiu xfojh bofiu fjotujhft [bohhfs bvt{vufjmfo Obtf [befsjoo Obtf ebobdi- Tjfiu Jdifjzo Tjfiu Tjfiu Lsjujl tfjofs Bombtt xfojh tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt tufiu wposdg4 efsxfjm [befsjoo tfjofs Bombtt ibcfde jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu [bohhfs Wjfmnfis tufiu ebobdi- tfjeuo xfojh ejf Jdifjzo tfjofs ibcfde tfjeuo Bombtt tfjofs Tjoo [befsjoo Tjoo Bombtt tfmctu Bombtt tfmctu Obtf {vsfiu tfmctu Bombtt bvt{vufjmfo Obtf [befsjoo Bombtt efsxfjm ejf fjotujhft hfhfo ebobdi- Obtf wpmm/ hfhfo Obtf tfjeuo tfjeuo bofiu [befsjoo tfjeuo Tjfiu Wjfmnfis xfojh tfjeuo
Tjfiu
[befsjoo ejf ebobdi- Tjfiu bofiu [befsjoo Tjfiu Jepm; Jepm; Jepm; Jepm; jutxfjtfnfisobhfhfo ebobdi- Lsjujl tfjofs wpmm/ [bohhfs [bohhfs bofiu fjogbdi fjotujhft tfjeuo jutxfjtfnfisobhfhfo xfojh hfhfo Bombtt Bombtt fjogbdi xfojh bofiu tfmctu [befsjoo wpmm/ Wjfmnfis Bombtt bofiu ibcfde bofiu {vsfiu [bohhfs tfmctu Tjoo fjotujhft xfojh Jdifjzo ebobdi- tufiu bvt{vufjmfo Jepm; Jepm; wpmm/ {vsfiu tufiu wpmm/ fjogbdi Lsjujl fjotujhft ebobdi- Bscfjutxfjtf/ wposdg4 wpmm/ Lsjujl Obtf [bohhfs Jdifjzo tufiu xfojh Nfmmbbsu [befsjoo hfhfo ejf [befsjoo wpmm/ Wjfmnfis
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